Data: Tether's market share hits a new high since April, as market risk aversion rises

According to CoinDesk, Tether's market capitalization has reached $184 billion, with its market dominance recently rising to the highest level since April, reflecting a strong risk-averse sentiment in the overall cryptocurrency market.

The current crypto market continues to face pressure, with Bitcoin dropping 11% this month to $97,000, as investors are shifting their funds to USDT and other dollar-pegged stablecoins for preservation of value.

Historical data shows that during bear markets, Tether's dominance often rises sharply, as traders tend to protect their capital by holding stablecoins. From historical patterns, when the MACD histogram breaks above the zero line, it typically signals the beginning of a bear market, accompanied by bullish momentum in USDT dominance.